Scifilink.com issued stock beginning in 2012 and reported the following on its balance sheet at December 31,
Question:
Common stock, $ 2.00 par value
Authorized: 6,000 shares
Issued: 4,000 shares $ 8,000
Paid-in capital in excess of par 4,000
Retained earnings 26,500
Requirement
1. Journalize the company’s issuance of the stock for cash.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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